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Amgen CEO Gets $18.6 Million for 2006
Thursday March 22, 9:09 pm ET
By Paul Elias, AP Biotechnology Writer
Amgen CEO Sharer Collects $18.6 Million in Pay for 2006
Amgen Inc. Chairman and Chief Executive Kevin Sharer collected compensation the company valued at $18.6 million in 2006, a year in which the world's largest biotechnology company by sales faced growing criticism of the cost of its cancer-fighting drugs.
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According to the company's proxy statement filed Thursday with the Securities and Exchange Commission, Sharer received just under $1.5 million in salary for the year, plus $4.5 million in bonuses for meeting long-term and short-term objectives.
He was granted stock and option awards that had an estimated value of $11.65 million on the day they were granted.
Sharer received nearly $1 million in perquisites, including more than $300,000 for the use of the company plane and an Amgen-provided car and driver. The company also kicked in $15,000 toward Sharer's financial and tax planning.
The Associated Press calculations of total pay include executives' salary, bonus, incentives, perks, above-market returns on deferred compensation and the estimated value of stock options and awards granted during the year. The may vary from totals that companies report.
Thousand Oaks, Calif.-based Amgen has come under fire on Capitol Hill for what it charges Medicare patients for the popular anemia drugs Epogen and Aranesp. Analysts and investors fear that Amgen will be forced to cut its prices and the issue has helped drag down the stock.
Federal health officials also issued stern new warnings on March 9 for doctors to more carefully prescribe widely the drugs, which can increase the risk of death and other serious problems in patients with cancer and kidney disease.
The Food and Drug Administration also said it would take a new look at how the drugs are marketed, including claims they can improve the quality of life of cancer patients.
The company reported its annual profit fell 20 percent to $2.95 billion, or $2.48 a share, compared with the $3.67 billion profit reported for 2005.
The company's stock reached a new 52-week low in after-hours trading Thursday after the company announced it was discontinuing a key test of an experimental drug to treat colon cancer.
At the close of trading on the Nasdaq Stock Market, Amgen shares had fallen 13 cents to $60.47. The shares fell an additional $2.62, or 4.3 percent, to $57.85 in extended trading.
Thursday March 22, 9:09 pm ET
By Paul Elias, AP Biotechnology Writer
Amgen CEO Sharer Collects $18.6 Million in Pay for 2006
Amgen Inc. Chairman and Chief Executive Kevin Sharer collected compensation the company valued at $18.6 million in 2006, a year in which the world's largest biotechnology company by sales faced growing criticism of the cost of its cancer-fighting drugs.
ADVERTISEMENT
According to the company's proxy statement filed Thursday with the Securities and Exchange Commission, Sharer received just under $1.5 million in salary for the year, plus $4.5 million in bonuses for meeting long-term and short-term objectives.
He was granted stock and option awards that had an estimated value of $11.65 million on the day they were granted.
Sharer received nearly $1 million in perquisites, including more than $300,000 for the use of the company plane and an Amgen-provided car and driver. The company also kicked in $15,000 toward Sharer's financial and tax planning.
The Associated Press calculations of total pay include executives' salary, bonus, incentives, perks, above-market returns on deferred compensation and the estimated value of stock options and awards granted during the year. The may vary from totals that companies report.
Thousand Oaks, Calif.-based Amgen has come under fire on Capitol Hill for what it charges Medicare patients for the popular anemia drugs Epogen and Aranesp. Analysts and investors fear that Amgen will be forced to cut its prices and the issue has helped drag down the stock.
Federal health officials also issued stern new warnings on March 9 for doctors to more carefully prescribe widely the drugs, which can increase the risk of death and other serious problems in patients with cancer and kidney disease.
The Food and Drug Administration also said it would take a new look at how the drugs are marketed, including claims they can improve the quality of life of cancer patients.
The company reported its annual profit fell 20 percent to $2.95 billion, or $2.48 a share, compared with the $3.67 billion profit reported for 2005.
The company's stock reached a new 52-week low in after-hours trading Thursday after the company announced it was discontinuing a key test of an experimental drug to treat colon cancer.
At the close of trading on the Nasdaq Stock Market, Amgen shares had fallen 13 cents to $60.47. The shares fell an additional $2.62, or 4.3 percent, to $57.85 in extended trading.